September 30, 2023

IPO News

Tracxn Technologies Listing Goes Cold!

The shares of Tracxn Technologies were listed at Rs. 84.5 on Thursday, 5.63% higher than the price they were sold for (Rs. 80) on the NSE. On the BSE, it debuted at Rs. 83, a 3.75 percent premium. The fact that shares were being sold at a discount of Rs. 3 each on the gray market yesterday indicated that the IPO wouldn’t be a big deal.

Tracxn Technologies successfully raised Rs 309.38 crore through its initial public offering (IPO) between October 10 and 12 by selling 38,672,208 equity shares for Rs 75 to 80 each. Institutional investors bid 1.66 times the number of shares available to them, while retail investors bid 4.87 times the number of shares available to them. However, only 80% of all bids were from high-net-worth individuals (HNIs).

The sale of shares in Tracxn Technologies will benefit the shareholders, not the company. Tracxn Technologies provides market data to private companies and runs Tracxn, a SaaS platform with some assets. Customers can use the company’s large global database, custom solutions and features to find and keep track of companies in different industries and locations.

Investors may want to wait a few quarters before investing in the company, as it has reported lower earnings for fiscal year 2021. The company lost Rs 54.03 crore last year, compared to Rs 5.35 crore this year. This decline can be the reason behind high valuations and low subscriptions of the IPO.

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